S&P: Kazanorgsintez off watch

Standard & Poor's said it removed its long-term B- corporate credit rating and ruBBB Russia national-scale rating on Kazanorgsintez OJSC from CreditWatch, where they had been placed on CreditWatch with negative implications on May 2.

At the same time, the agency said that the ratings were affirmed.

The outlook is now stable.

The agency noted that the removal from CreditWatch and ratings affirmation reflect that the group has successfully obtained a waiver for its incurrence covenant and had covenants waived for other bank lines.

S&P said that the group's high leverage and weak cash flow metrics reflect substantial, debt-funded expansion capital expenditures and the group's aggressive financial policy.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.